LONDON (Alliance News) - Crimson Tide PLC on Tuesday reported a sharp decrease in profit in 2018 after it made new investments in sales and marketing to accelerate its growth potential.
The mobile data specialist said its pretax profit declined to GBP69,000 in 2018 from GBP309,000 a year earlier, as administrative expenses increased by 27% to GBP1.6 million from GBP1.3 million.
Revenue, meanwhile, rose by 5.4% to GBP2.4 million from GBP2.3 million in 2017, reflecting more software-only contracts.
International subscribers are beginning to be added, Crimson Tide noted, resulting in further investment in the company's international operations being made during 2018.
"A year of significant investment in new sales & marketing resource, whilst still producing profitability and net cash, sees Crimson Tide well set for growth," said Executive Chair Barrie Whipp.
Crimson Tide shares were trading 7.9% lower on Tuesday at 2.62 pence each.
Crimson Tide (TIDE)